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Top 5 arguments for Bitcoin vs Centralized Currencies

A new video was uploaded on Youtube a few days back and it has received more than half a million views! The video is a rap battle between Alexander Hamilton and Satoshi Nakamoto. Alexander Hamilton representing central banks, rightly so as he laid the foundation for centralized banking in America. and Satoshi representing cryptocurrency (especially Bitcoin), is the founder of Bitcoin. Alexander Hamilton was portrayed by Epic Lloyd while Satoshi Nakamoto was portrayed by Timothy DeLa Ghetto. The rap battle although silly does explore a few arguments for and against crypto. Let’s take a look at the most interesting five among them.

That’s your kryptonite

The end of the battle is where things get heated, Hamilton accuses crypto of being used by criminals. He says, ”They use your currency for crimes, that’s your kryptonite”. This is the main argument many have against crypto. In fact, Trump tweeted recently along similar lines, that Bitcoin is primarily a tool for bad actors looking for a way to launder their proceeds. hit back with, “Most crime is done with Benjamins, not the blockchain. There’s a reason most dollars carry traces of cocaine”, which pretty much destroyed the crime angle against crypto.

King of paper currency, the hypocrisy!

Hamilton in a very American move attempted to play the environmental card, by alluding to the power usage by miners and the spike it caused. He keeps on the attack by sympathizing with climate change and pointing to overheating. He ends the particular stance with a hope that it all gets banned. The response started with ”From the king of paper currency, the hypocrisy!

For bills and forms in triplicates, you’re killing all the trees”, which destroyed the environment card into pieces. In fact, a recent report came out revealing that 74% of the energy used in mining Bitcoin is derived from renewable sources.

Can I buy my breakfast with Bitcoin?

Another criticism by Hamilton was the lack of acceptance of crypto, in fact, it is one of the main issues faced by adopters of crypto. They might have accepted it but the world still hasn’t accepted crypto, the comeback was quite brilliant. ”No currency starts with universal adoption. It takes time for places to make it an option”, and in fact, this is exactly what is happening. Considering a few years back crypto acceptance has gotten much better, many online stores have started accepting it. And eventually, the hopes are that crypto will experience universal acceptance.

What’s your current interest? Half a percent?

Here, Satoshi took the lead and attacked the central banks for their practices. He went straight up against practices of the central bank and pointed out that they were not doing their jobs. The policies of central banks are helping only a few rich and wealthy, while the majority of the people were suffering from it. In particular, many economists and crypto enthusiasts have an issue with the low as well as negative interest rates offered by central banks throughout the world. This means that depositors lose the value of money due to inflation, which he clearly stated with this sentence “What’s your current interest? Half a percent?”

Decentralized money

The first part of the battle starts with Hamilton boasting about how he was instrumental in creating the central bank and financing the country. He said, “When America was cash-strapped, I pushed past that, Now some sicko makes crypto and our nation backtracks?” There was also mention of the federalist papers which describes the need for a central government. Satoshi hit back with “Their national cash is how they keep control, But freedom to the people was my ultimate goal”. Essentially implying fiat is the past and crypto is the future.

Cinema, comedy, plays and other media have always been a part of spreading information to the masses. In fact, cinema and theater have been part of revolutionary propaganda for ages.

Rap has been at the forefront of black voices and many a time caused outrage against authorities. Certainly, this rap battle highlights the growing battle between crypto and fiat. Crypto revolution is reaching its peak with a matured crypto and a weakened dollar thanks to global tensions. In this critical juncture let’s wrap it up with a rap, “I’ve got 99 problems but a bit ain’t one”.Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news

Abishek is an Entrepreneur, Digital Nomad, Student, and ICO Marketing Manager currently based in Berlin & Champaign. He is actively involved in the Blockchain space and has worked in numerous projects in the Silicon Valley since 2017. His interests revolve around Finance, Consulting, and Blockchain Research.